They say that traveling is the only thing you can buy that makes you richer. Although we know that this mostly refers to being rich in experiences, travel can also make us rich through opportunities, especially if we are in the real estate business.
Real Estate in Travel
With the travel industry booming exponentially thanks to accessible transportation, more investors find ways to get a chip off this billion dollar trade. “Now, investors can find opportunities to buy rental properties, vacation houses, and even invest in potential land as a resort or tourist spot,” says Robert Tweed, President, and CEO of TFS Properties.
If you are real estate investor looking for ways to grow your business, it might be a good idea to start traveling. In this post, we will list down 6 benefits of traveling as a real estate investor.
6 Ways Traveling as a Real Estate Investor Can Be Beneficial for You
1. Traveling can help you find property and land prospects
Traveling to a prime destination can help you find potential properties that you want to invest in. Whether it’s in the urban community or rural areas, you can scout for places that are low in price but can return good profits in the long term. Some landowners may not have the skills or expertise to market their properties on the internet, so sometimes you have to find these ‘hidden gems’ yourself. It also allows you to personally talk to the sellers and eventually land a good deal.
2. Traveling will allow you to network with other investors
Another benefit of traveling is networking. Through business travels, you can partner with other real estate investors for a shared venture. “If they are starting a land project that you want to join, you can travel with them to the location to help you in making that decision,” says Robert Tweed. This will also allow you to get referrals and give referrals. It’s a win=win situation when you partner with other good real estate investors.
3. Traveling will give opportunities to explore profitable locations for a resort business
One aspect of success in business is being the “first” in that field. Traveling will give you that opportunity if you can find profitable locations for real estate investment. For example, if you travel in a country that’s just starting out with their tourism marketing, you can buy a piece of land to build a resort. In the long-run, when that country starts sending tourists to your location, you will be the first one to gain profits from it. Traveling will help you have the experience of looking into places within and outside the country to build real estate investments related to tourism.
4. Traveling will give you a ‘field research’ of locations you’re interested in
If you have long been interested in a location, it is not enough to look at pictures or see written information about it. Traveling to places can give you an insight into what the place really looks like from the inside and out. There are some details that may be missing or left out aside from what was initially provided in the catalog, and also you can look into the accessibility of the land or property in schools, hospitals, groceries, and workplaces.
5. Traveling can help you understand what establishments are needed in a local area
Another helpful advantage of traveling as a real estate investor is looking for a local need. If you are not sure yet of what type of real estate asset to invest in, it can help to ask the locals what is needed in the area. If the community is lacking a commercial space for a drugstore, childcare, or any other establishment, then it may be ideal to invest in a land to build on commercial rentals. Traveling can also help you form one-on-one relationships with the people in the community and ask which of these locals would want to start a business with the help of your real estate investments.
6. Traveling can help you market your business
Traveling is also a way to market your business. By visiting other places and partnering with travel and real estate agents, you can help market your investments. You can introduce your properties to these agents and provide them a commission for bringing tourists or renters in your location. It’s a beneficial partnership because agents help you market your business in places you wouldn’t otherwise have the chance to market on your own.
“Making the most of your travels is not only helpful in keeping your real estate business afloat, but it can also open new doors for other opportunities. Just make sure to negotiate well, know your investments from the inside out, and establish good partnerships to help your real estate business grow,” says Robert Tweed.